SCHEDULE: FMR LLC Reports 3.3% Stake in First Watch Restaurants

FMR LLC has disclosed beneficial ownership of 3.3% of First Watch Restaurant Group Inc.'s common stock as of March 31, 2026.

Summary

• FMR LLC, through its subsidiaries and affiliates (collectively, the "FMR Reporters"), has filed a Schedule 13G, indicating beneficial ownership of 1,995,121 shares of First Watch Restaurant Group Inc. common stock.
• This holding represents approximately 3.3% of the total outstanding common stock as of March 31, 2026.
• The filing is an amendment to a previous filing, with this amendment being the second.
• Abigail P. Johnson, a Director, Chairman, and CEO of FMR LLC, is also noted in relation to the ownership structure, with members of the Johnson family being predominant owners of FMR LLC's voting shares.
• The filing confirms that the securities were acquired and are held in the ordinary course of business and not for the purpose of influencing control of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it is a routine disclosure of an existing investment stake by a large institutional investor and does not contain new operational or financial performance information about the company itself.

Positives

• FMR LLC's investment indicates confidence in First Watch Restaurant Group Inc. as a significant institutional investor.
• The filing is an amendment, suggesting ongoing management of the investment rather than a new, potentially disruptive event.

Negatives

• The filing does not contain any negative financial information or operational concerns regarding First Watch Restaurant Group Inc.

Risks

• The filing does not explicitly mention any risks related to First Watch Restaurant Group Inc. or FMR LLC's investment.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from First Watch Restaurant Group Inc. It pertains to FMR LLC's ownership stake.

Management Comments

• "This filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by FMR LLC, certain of its subsidiaries and affiliates, and other companies (collectively, the 'FMR Reporters')."
• "The Johnson family group and all other Series B shareholders have entered into a shareholders' voting agreement under which all Series B voting common shares will be voted in accordance with the majority vote of Series B voting common shares."
• "Accordingly, through their ownership of voting common shares and the execution of the shareholders' voting agreement, members of the Johnson family may be deemed, under the Investment Company Act of 1940, to form a controlling group with respect to FMR LLC."
• "I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect..."

Industry Context

StockSavvy.ai notes that this Schedule 13G filing by FMR LLC, a major investment management firm, signifies a substantial institutional holding in First Watch Restaurant Group Inc., a publicly traded restaurant chain. Such filings are common as large asset managers build and adjust their portfolios.

Related Party Transactions

• The filing mentions a shareholders' voting agreement among members of the Johnson family and other Series B shareholders of FMR LLC, which influences voting power related to FMR LLC itself.

Stakeholder Impact

• Shareholders of First Watch Restaurant Group Inc.: The filing confirms a significant institutional investor's stake, which can be viewed positively by the market.
• FMR LLC Clients: The investment reflects the management of client assets by FMR LLC.
• Management of First Watch Restaurant Group Inc.: The presence of a large institutional holder like FMR LLC can influence corporate governance and strategic decisions.

Next Steps

• FMR LLC will continue to hold and potentially adjust its beneficial ownership of First Watch Restaurant Group Inc. common stock.
• First Watch Restaurant Group Inc. will continue its operations as a restaurant company.

Key Dates

Keywords

First Watch Restaurant Group Inc, FMR LLC, Schedule 13G, Beneficial Ownership, Common Stock, Investment, SEC Filing, Abigail P. Johnson